...NEW YORK (Standard & Poor's) April 15, 2015--Standard & Poor's Ratings Services today said its issue-level rating on Jersey City, N.J.-based trading systems and network services provider IPC Corp.'s $595 million first-lien term senior secured loan due 2021 remains 'B' with a recovery rating of '3' following the company's proposed $15 million add-on to the debt. The '3' recovery rating indicates our expectation for meaningful recovery (50% to 70%; lower half of the range) in the event of payment default. IPC plans to use the proceeds to pay down the outstanding balance on its revolving credit facility due 2020. In addition, the company is seeking a repricing of its first-lien credit facility, which could lead to modest interest cost savings. The issue-level rating on the company's second-lien term loan remains 'B-' with a recovery rating of '5', indicating our expectation for modest recovery (10% to 30%; lower half of the range) in the event of payment default. Our corporate credit rating...
